Economic And Social Survey of Asia And The Pacific 2021:
A report ‘Economic and Social Survey of Asia and the Pacific 2021: Towards post-Covid-19 resilient economies’ has recently been released by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
- According to the report, India is estimated to record economic growth of 7% in 2021-22, over a contraction of 7.7% witnessed in the previous fiscal on account of the pandemic’s impact on normal business activity.
Other Observation Regarding India:
- India’s 2021 economic output, however, is expected to remain below the 2019 level despite a robust reduction in new Covid-19 cases and the start of vaccine roll-out.
- India entered the pandemic with already subdued GDP (Gross Domestic Product) growth and investment.
- Moreover, one of the most stringent lockdowns in the world caused the severe economic disruptions that the country experienced in the year 2020.
- A subsequent change in lockdown policies and success in reducing infection rates supported an impressive economic turnaround in the later months of 2020.
Observation Regarding Asia Pacific Countries:
- The socio-economic impact of the Covid-19 pandemic was amplified due to a lack of resilience and investments in people and the planet.
- China’s swift and effective response to Covid-19 enabled it to become the only major economy worldwide to achieve a positive annual economic growth rate in 2020.
- On average, developing Asia-Pacific economies are expected to grow 5.9% in 2021 and 5% in 2022.
- The prospect of a K-shaped recovery, characterized by uneven post-pandemic recovery across countries and widened inequality gaps within countries, is highlighted as a primary policy challenge.
United Nations Economic and Social Commission for Asia and the Pacific:
- The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) is the regional development arm of the United Nations for the Asia-Pacific region.
- It has 53 Member States and 9 Associate Members from Asia-Pacific Region including India.
- Established: 1947
- Headquarters: Bangkok, Thailand
- Objective: To overcome some of the region’s greatest challenges by providing results-oriented projects, technical assistance, and capacity building to member States.